Coronavirus: Superdry asks for rent relief | News

Davida Erdahl

It arrives as footfall at the retailer has diminished by twenty five% 7 days on 7 days across Superdry shops in the Uk and US. The retailer mentioned it was using steps to protect money, like negotiations with retailer rental reduction, postponement of capex plans, and opportunity alterations to the […]

It arrives as footfall at the retailer has diminished by twenty five% 7 days on 7 days across Superdry shops in the Uk and US.

The retailer mentioned it was using steps to protect money, like negotiations with retailer rental reduction, postponement of capex plans, and opportunity alterations to the timing and framework of long term period stock.

It is also in conversations with its lending group to supply ”additional flexibility and liquidity to support Superdry by means of this time period of uncertainty.”

In a investing update, the retailer mentioned: “Given the overall performance to day, we do not assume the decline in gross sales from our retail shops to be entirely mitigated by gross sales by means of our ecommerce channel, which stays entirely open for business.

“Whilst we are also pursuing expense preserving steps across the business, we do not assume these to be sufficient to offset the gross sales decline.

“As at now we have a potent position of £47m internet money on our balance sheet. Also, our functioning capital overall performance to day has been far better than our forecasts. We carry on to get the job done closely with our wholesale partners to decrease returns and cancellation challenges on SS20 stock deliveries.”

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